All Forum Posts by: Shane Baganz

I would agree with Daniel. Depending upon what you would like to do, better educated keeps you safe.

I think you did just fine. Hindsight is always 20/20. Well, for most. Also, the investment isn't just in dollars and cents. What did you learn? Your next deal will be that much better.

I agree with Andrew on this one. Save the cash for another investment. I like your idea of looking for tax free cash to buy a car, but your investment in more properties will far outdistance in wealth creation.

Natalie is pretty spot on.

Brendon, I started out similar and did pyramid from there. I purchased the dog of the neighborhood, fixed it up enough, increased the rents, then cashed out and moved up. I laughed remembering it was the only gravel driveway on the block. You'll do just fine. -Shane

Fico: 500+. Yes the lender goes down to 500!

Loan Terms: 12 months, interest only
Loan Size: $75K to $1 Million
Max LTC: Lender will finance up to 90% of the purchase price of the property and 100% of the construction (done in draws).
Interest Rate: 7-12%; Interest rate is determined by investors experience.
Property Types: Only 1-4 unit investment properties! This includes Single Family Homes, 2-units, 3-units, 4-units, condos and town homes.
Pre-Payment Penalty: None!
Use of Funds: Purchase, Refinance, Cash-Out Refinance & Rehab
Asset verification: Depends on borrowers experience. 1-3 months of bank statements.
Points: Loan cannot have more than 4 points associated with it (that is a combined 4 points from the broker and lender!)
Lending Territory: CT, CO, FL, GA, IL, MD, MI, MO, OH, PA, SC, TN, TX, VA, WA & WV.
Closing Time Frame: 15 days. Lender typically just orders a desktop BPO which costs $299 and does not always do a full appraisal. This is how the deal is able to close so fast!
Special: NO JUNK FEES!

Congratulations! Just think how much easier 2,3,4,5,6.... will go for you now!

Hi Ibn, i'd be glad to take a look at your deal.

-Shane

Unquestionably, use the additional cash to further your investments. I've read all of the posts. Living mortgage free is great, but keep your money working as hard for you as you do for it! -End result is a happier and wealthier you!

Hi Daniel, I'm up here in Germantown, WI I like to see about 1.5 times purchase price minimum. For easy numbers, a $100,000 property I like to see $1,500 in rents. It's a very simple calculation, but you'd be surprised how well it works. Of course, I would like to see 2.0! -Shane